2015 mfw

shangaijimmy

Wow! Thanks for that, with our current way of paying (I appreciate interest rate fluctuations will have a major bearing) we pay if off 10 years early and save £42k in interest. When you factor in it's an offset account and we have savings steadily growing it gets even better!

This was fantastic to show the wife and alongside my daily interest calculations I look even more nerdy!

pinkteapot

#36 reporting in to say £0 in each of Jan and Feb.



My budgeting system isn't quite a system. We don't budget through the year for our holiday or the annual car costs. We put our savings/OP money aside in the first couple of months to cover these, then OP from March to December.

This year, we may be a £0 in March too but I'll let you know. We're currently putting £500 a month into regular savings accounts that mature in May. When they finish and pay their interest, they'll become a £6k + interest lump sum OP.

Because of that £500/month though, our money going straight to OPs/holiday and car fund is reduced so the fund may take three months instead of two this year. But I'll be doing my MSE best to have some money left over from spends in the next few months to avoid that and make at least a small OP in March.

Anyway, wanted to check in and put the figure down so you don't think I've abandoned things. I've realised your spreadsheet will report to me how behind I'm getting. You just wait till the Spring.

Shepherds_Wife

First OP went out last friday so our first £1,000 put towards our total.

Thanks "Lomcevak" for keeping the thread for 2015.

mortgage_destroyer

Quick question is it better to shorten the term when making overpayments or to reduce the monthly dd payment. I'm thinking of making a £10,000 overpayment but not sure what's the best thing to do.
I've always reduced my monthly payments before. I currently have £15,500 in overpayments which I could possibly borrow back if I needed too!

Open

#52 Open

January Overpayment Made £662.39

Thanks!

norfolkdream

No 56, First OP of the year £265

mortgage destroyer In my case I reduced the term but it was probably psychological as it felt better to see the end date change.

Emma285

Please can I join in too. Moved house before christmas, so our budget's a bit all over the place at the mo. Going to aim for £1000 overpayment in 2015.

Yorkielass

A late joiner here too - didn't keep up with things on MSE very well last year. But I did overpay £9340.82 in total (although £7710.48 was my regular monthly dd overpayment).

However I'm back for 2015 and my target is £12000 overpayment. That would knock another 3 and a bit years off the mortgage which would be very nice.

So please can I have a number Lomcevak - thanks for looking after this this year.

And can I give my first update please:

January £642.54

Thanks

shangaijimmy

Although i've kept on with overpayments and am really pleased with how we are looking the future, i am very much enthusiastic and determined for 2015.

By coming back to this site its forced me to have a good look and good refocus and i really believe that with some good fortune (and not too much house improvements needed - maybe a new kitchen but hoping we can get away with it until mortgage is done) that we can be paid off in around 9 years. That would pay us off 13 years early!

kitjos

Hi Lomcevak.


#104 with another OP of £300 - making it £600 so far for Jan.


Many thanks


xx